When a person looks to purchase a home, there are some things they always should look out for. Is the home certified as worth living in? Has it been inspected? Does it have any issues? Have all its bills been paid for by the previous owner? Is the home’s structural integrity strong? Are there any issues present in it? How is the location? What amenities are nearby? And vice versa.
The same goes for buyers when they are going to purchase a condo, especially if it is present on Toronto mls condo listings. In terms of condos, it should be checked whether or not its condo board is cooperative and has a bad track record. Condos having Kitec plumbing will be rejected because they leak quite often and are disastrous. Condos having Kitec plumbing should be rejected.
Location is also an important aspect when it comes to buying a condo. Also, the view of the balcony matters as well. Why? Because no one wants an unattractive view. With the city located by the shores of Lake Ontario, every condo buyer would love to have a condo that gives them beautiful views of the shoreline.
Lakeside condos are even more expensive and worth living in. They are loaded with a handsome amount of amenities and facilities. Plus, many of them have their own marinas. This provides boat and yacht owners a docking place from where they can sail the great Lake Ontario easily.
How is it like buying a condo for the first time?
Buying a condo for the first time can be an exciting experience. It can be something worthwhile of a very good accomplishment as it is, after all, a purchase of the real estate. From exploring what is present in the market to put down the deposit in the perfect place, it can be easy to focus on the process’s best aspects.
But it should be understood that everything has challenges present inside them. It is imperative that everyone is ready for them. Those who are looking to buy a condo whether it is their first one or not, should understand that it is laden with challenges. Buyers are thus prone to make mistakes which they will end up regretting deeply.
Hence here are some common mistakes condo buyers often make. They should avoid them and they are as under:
Failure to obtain a pre-approval is costly
This point applies to all properties (especially condos). The first step towards the purchase of a home is obtaining a mortgage pre-approval. The process consists of a lender looking closely at the buyer’s finances and advising them upon the amount of financing they will receive (as per their eligibility).
Having a mortgage pre-approval not only helps a buyer make their budget accordingly but also shows sellers that they’re serious and sincere. In a market that is going hot, forgoing a mortgage pre-approval can hinder their ability to work fast.
If buyers don’t know what they want, they will end up wasting their money
Whether it is a pre-construction condo or a resale condo? Whether it should be in a modern condo tower or a low rise full of character? These, along with other options; are the choices buyers have when it comes to buying a condo in good old T-Dot.
If buyers do not narrow down their options (even by a little bit) when they are out shopping, they will feel overwhelmed. This will eventually force them to make a wrong purchase.
Hence, this is the reason why they should do a good amount of research beforehand. They should also speak to a real estate professional who can help them understand the options available. This is helpful in making an effective search for the condo of the buyer’s dreams.
Sacrificing or possibly overlooking the location factor
There is nothing quite like finding a building that is as good as a gem. Unfortunately, if the building is world-class but the location isn’t, then it can turn into something the buyer will regret for a long time. This regret is termed ‘The Buyer’s Remorse.’
It happens when condo buyers buy a condo that does not have easy access to mass/public transit.
In simple words, nobody would like to buy a condo in a distant location having no access to amenities. Taxi fares would certainly go sky high as Toronto is not Manhattan.
However, there is still hope in this matter. In case buyers are not sure about what to buy and what not to buy, they can always consult an experienced local agent. They can help them find a place that meets their expectations. They can also help find a condo as per the existing budget and criteria that works best in the long run.
Buyers can get distracted by the decor
When a prospective buyer walks into a condo that is well decorated, they often forget focusing on the space as they get distracted by the furnishings. The odds here are that a talented home stager has poured time and energy into creating well-appealing aesthetics.
There is however a problem; all the things used for decoration are showpiece items from home stagers. When the condo is sold, all the things used for staging will eventually be handed over back to the stager.
No buyer should dismiss a place with potential because it didn’t look good. Usually, quite often, decor can make people overlook the best condos, making them settle for one having a lot of problems.
In short, all that glitters is not gold.
Buyers forgetting to review the status certificate can mean a lot of trouble
Every condo comes with a status certificate. This crucial document provides vital information on a building’s management, financial health, and a lot more. It also contains insight into whether or not may tenants encounter potential future costs like those associated with a lawsuit or a special kind of assessment.
There is also a good chance that real estate agents can advise buyers on making their purchase of a condo. This is subject to a condition of the status certificate review. This gives buyers the perfect chance to have their lawyers examine the paperwork as it is all key to perfect due diligence.
These are the mistakes buyers often make when they are looking to buy a condo. At the moment, they are the most affordable pieces of residential property available for sale in Toronto. It would be wise for them to consult experienced and top-class real estate professionals before making a crucial purchase of their lives.